Bans on Iran oil imports will shock global economy

Service : Politic

Tehran, Feb 18, (ICANA) – Iranian lawmaker Mohammad-Reza Saberi has warned that if the recent US-engineered sanction on Iranian oil sector enters into force, it will deliver a “great shock” to the global economy.

Sunday, February 19, 2012 2:12:19 PM

“The leaders of the European Union have imposed a ban on Iran’s crude oil at a time when Europe is grappling with an economic crisis, but the sanction will have serious consequences for the global economy,” Mohammad-Reza Saberi said on Saturday, adding that from the moment the issue of the Iran oil ban was raised it resulted in an increase in oil prices.

He also added if the European states bring the embargo imposed against Iran oil sector into force, they will definitely face serious problems.

“Given the present status of global economy, undoubtedly, the European countries cannot put up with cutting oil imports from Iran,” Saberi added.